New Features and Enhancements in Fixed Asset Management Summer 2023
The following new features have been introduced in the Summer 2023 release of Fixed Asset Management.
If you are upgrading from a previous version, see Upgrading to Fixed Asset Management Summer 2023. This provides a summary of the items that have been added for each feature and details of any required upgrade steps.
FinancialForce is Now Certinia
We have made the following changes to align with our new Certinia brand:
- The publisher name has been updated to Certinia
- Package names no longer reference FinancialForce
- In most cases, text referring to FinancialForce has been replaced with Certinia
To learn more about our rebrand, visit the Certinia Community for a message from our CEO, Scott Brown.
Dependencies on other Certinia Packages
Fixed Asset Management Summer 2023 requires the Accounting Summer 2023 package to be installed. You must install this package before installing or upgrading to Fixed Asset Management Summer 2023.
Fixed Asset Task Launcher
The Fixed Asset Task Launcher enables you to easily find and launch your fixed asset tasks from a single tab. The Fixed Asset Task Launcher is divided into sections, with each section containing related tasks.
In this release we have added the Manage Journal Summarization task to the Fixed Asset Task Launcher. This task enables you to select a method of summarizing fixed asset journals per company and journal type. It also enables you to disable journal summarization for a specific company and journal type to generate individual journals per asset. Journal summarization is disabled by default.
For more information, see:
You can use the Journal Summarization feature to reduce the number of fixed asset journals, optimizing their generation and storage in Accounting. Instead of generating individual journals per asset, Fixed Asset Management can now group them in a single acquisition, depreciation, or disposal journal, summarizing information shared by multiple journals for a specific company, journal type, and configuration.
This enables you to view summarized fixed asset journal information from a single journal record in Accounting. A summarized journal can contain multiple line items associated with fixed assets that share the same asset group, asset sub-group, or GLA configuration. The amount reflected in each summarized journal is the sum of the journals generated for the associated asset group, asset sub-group, or based on the same GLA configuration.
You can summarize the following fixed asset journal types:
- Acquisition Journal: When you approve an asset, the related summarized journal is updated with the appropriate debit and credit values to record the asset's acquisition.
- Depreciation Journal: When you export a depreciation schedule, the related summarized journal is updated with the depreciation information that is due for the asset.
- Disposal Journal: When you dispose of an asset, the related summarized journal is updated with the disposal information. This ensures that:
- The asset value and accumulated depreciation are cleared from the balance sheet
- Any remaining asset value is recorded in the financial accounts
You can summarize fixed asset journals using one of the following methods:
- Asset Group Method: Summarizes journals per company and journal type for a single asset group. The amount reflected in each summarized journal reflects the sum of the journals generated for the assets associated with this asset group.
- Asset Sub-Group Method: Summarizes journals per company and journal type for a single asset sub-group. The amount reflected in each summarized journal reflects the sum of the journals generated for the assets associated with this asset sub-group.
- GLA Configuration: Summarizes journals per company and journal type based on the GLAs specified in the following order:
- Fixed asset GLAs
- Asset sub-group GLAs
- Asset group GLAs
For more information, see Journal Summarization Overview.
To support journal summarization, we have added new fields to the Accounting Company and Journal objects in Accounting. For more information, see Fixed Asset Management and Accounting Integration Field Reference.
Automatic Journal Creation
We have added new custom settings fields to help you control the automatic creation of acquisition, depreciation, and disposal journals. In addition to the Disable Accounting JNL Auto Creation custom setting field, you can now also use the following custom setting fields:
- Disable Acquisition JNL Auto Creation
- Disable Depreciation JNL Auto Creation
- Disable Disposal JNL Auto Creation
This offers you greater flexibility when deciding which types of journals you want Fixed Asset Management to create automatically.
For more information, see:
- Fixed Asset Management Custom Settings
- Submitting Assets for Approval
- About Depreciation Schedules
- Disposing of an Asset
Fixed Asset Process Management
We have added the Fixed Asset Process Management page to help you create and manage fixed asset processes. A fixed asset process is a grouping of assets that share the same depreciation schedule settings. For more information, see Fixed Asset Process Management Overview.
You can run batch jobs for the assets associated with a fixed asset process to:
- Generate depreciation schedules
- Generate depreciation schedules and depreciation journals
For more information, see:
- Generating Depreciation Schedules from a Fixed Asset Process
- Generating Depreciation Schedules and Journals from a Fixed Asset Process
We want to help you find all of the information and help that you need to be productive with our products.
If you want to learn more about the new features in this release, see the ERP Cloud - Summer 2023 Release Highlights Trailhead module. This module will guide you through the new features in ERP Cloud.
We've also launched the Certinia Release Readiness module. In this module, you'll learn how to keep your org current and benefit from the latest innovations from Certinia.